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Case Law Details

Case Name : Bharat Bijlee Limited Vs. ACIT (ITAT Mumbai)
Related Assessment Year : 2005- 2006
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The Mumbai Tribunal holds that Transfer of undertaking against issue of bonds / shares is not a “slump sale” and not taxable as capital gains.

Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of Bharat Bijlee Limited Vs. ACIT (ITA NO. 6410/MUM/2008) (Judgment Date: 11 March 2011, Assessment Year: 2005-06)  , held that where a business undertaking is transferred against issue of bonds / shares, the transaction is not a “Slump Sale” as defined

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0 Comments

  1. Khusboo says:

    Dear All

    Is Court approval required in case of slump sale or Board and General Meeting is enough.

    Thanks in Advance
    CS Khusboo

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